| China may have become the world’s largest importer of crude oil in April, but there is one thing it still lacks: its own oil market. That could change this year if the Shanghai International Energy Exchange Ltd., also known as INE, launches a long-planned oil-futures contract in Shanghai’s free-trade zone.
Yang Maijun, the chairman of the Shanghai Futures Exchange, one of the partners in INE, said earlier this year that trading in the new oil contract could begin in 2015. The establishment of an oil-futures market in China could prove another milestone in what analysts at Macquarie Group Ltd. recently called a “seismic shift in futures-trading firepower from West to East” in commodities markets...............................................Full Article: Source
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